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In January, BTG announced it was acquiring 51% of the voting shares, or 37.6% of overall ownership, in the troubled lender for 450mn reais (US$282mn). BTG's move came after the revelation in November 2010 of PanAmericano's faulty accounting on loan book sales worth billions of reais.
The current offer is aimed at acquiring all preferred shares trading on the local market, except those directly or indirectly controlled by BTG Pactual and PanAmericano's second controller, federal savings bank Caixa Econômica Federal (CEF) through its investment arm, Caixapar.
On May 30, after announcing it had finished buying the shares of PanAmericano's previous controlling groups, Silvio Santos and BF Utilidades Domésticas, BTG said it would soon make an offer for the free floating shares.
CEF bought a 49% voting and 36.6% overall stake in PanAmericano in December 2009 for some 739mn reais.
To read the securities filing, in Portuguese, go to this link